Foreclosure Notices – Breaking out Joys of Holidays
Christmas is a time of joy, but foreclosure notices in the mail have disturbed family festival for quite a few number of Metro area families.
They are trapped in a “rent to own” catch of contract, and till now, as per their notice, they were paying to the developer. Then why is the bank in process of foreclosing?
Kathleen Ramos felt shock in the middle of the birthday party at home, when she received a notice reveling the fact that her house is in foreclosure.
“I tried to hide my tears because it’s celebration time for birthdays and holidays. But I was shocked and terrified,” Ramos opens up her heart.
Ramos and her husband considered that they are purchasing their home from Ed Bonuchi, a developer. Now as per the notice, they have to be out by Jan. 04.
Totally different conversation she heard from some investors. “As per his story, we are by this month we are six to seven months late. I’m paying each month, though I was late some times,” Ramos worries were reflected in her voice.
A lawyer’s advice was that not to pay until there is assurance from Bonuchi, that he is paying to the Bank. At that time Bonuchi came back with depressive voice mail:
“It will be good if want to buy it, otherwise start packing, because you have little time in this home”, was the message.
There are many more including Ramos. Roma is under squeezing pressure and does not know what to do because she received a letter from bank, stating she has to leave the home by Friday. There was no warning before the storm, for Ronda which most upsetting.
Ronda’s concern is simple. “Why don’t they be honest enough to say, “I’m losing the home, and need to think and take care before it is gone.”
Bonuchi has different story to tell, and he said that his payment is much more than the payment of tenant, but he get it back a year after when the gets a deed to purchase the home.
“We were familiar that this is losing business, but we thought at this period of time we can lose this much money as they would close on this date and then they didn’t”, told Bonuchi.
Bonuchi has 21 contracts to deal with, which are in the process of default.
“There are many people doing that causing high pressure on our business”, said Bonuchi.
When he was forced to answer why he did not warn home owners about such forecoming crisis, Bonuchi replied that his lenders were not informing him what is running there.
“They send a lot of paper work asking to work out the situation, and then unexpectedly you get notice of the crash”, he further explains.
Bonuchi also said that he is interested to work out with Ramos to find out a solution. Still the home is not owned by the bank, so he could help Ronda to find a way for a new house.
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